互联网金融企业的资产证券化研究——以蚂蚁花呗为例

Research on The Securitization of Internet Financial Enterprises-Taking Ant-Huabei as An Example

我国资产证券化进程紧跟市场方向,基础资产的选择越来越广泛,业务不断变革创新。以蚂蚁花呗为实例,分析其资产证券化动因包括互联网金融自身的迅速发展、企业规模扩张需求、债务融资负担过重。建立模型计算发行成本等方法分析实施效果,发现存在项目信用体系不完善、可持续性不稳定等风险。提出不断完善证券化产品信息披露机制和市场监督机制,建立全方位的社会信用体系,加快制定专门的资产证券化法律法规及相关的市场和交易规则。

China's Securitization process follows the market direction,the choice of basic assets has become more and more extensive,business innovation.This paper explores the asset support program for Internet financial enterprises,taking the asset-backed securities of Huabei as an example,establish a model to calculate the cost of issuance and other methods to analyze the implementation of the results,so as to sum up the experience of the follow-up implementation of Internet finance and better faster development proposals.